Cardano is about to break out of its descending price trend. Cardano’s value has dived over the week, but this correction appears above a critical demand zone that will likely trigger buyers sprees pushing ADA higher.
Cardano is coming close to its 6-hour demand zone but has not yet reached it. At the moment, Cardano’s price is hovering around $1.85. However, it could reach up to 2 dollars within this time frame if there were more buying activity from latecomers who want in on some cheap coins before they’re gone forever.
Cardano’s current range lies somewhere between $1.68 for an ADA/USD pair, which makes these sideways movements pretty volatile since any slight change can catapult us into either direction.
ADA could be set for a 10% upswing from $1.79, according to a technical analysis done by FxStreet. Then, according to fxstreet, ADA might revisit the $2.08 ceiling and collect the ‘buy stop’ liquidity resting above it. This move would represent a 15% ascent.
Cardano Price Prediction
At current, the price of one ADA is equal to almost $1.82. However, the price has witnessed a downward trend of 5.94 percent in the last 24 hours. Moreover, the crypto has a daily trading volume of $3,488,507,348.
In the listings of CoinMarketCap, ADA holds the number 6 spot among all the cryptos. This digital asset has a live market cap of over $60,660,504,254. Also, the virtual currency has a circulating supply of 33,313,246,915 coins and a maximum supply of almost 45,000,000,000 coins.
Cardano has seen two exponential moves in a row, with ADA prices rising 22% between November 6 and 9 before falling down to retest demand zone at $1.72-$1.81 on November 10th .
At the time of writing, Cardano price is hovering around $1.85 and it seems likely to breach this barrier soon as well for a run towards higher ground within 22% range from where we stand at present day .
Cardano price is slowly building momentum as it continues to move up from the rounded bottom formation. The recent run-up seems like a temporary setback, but investors can expect ADA’s bullish trend to continue and keep pushing higher in coming months or quarters.
ADA Price and Technical Analysis
We conducted technical chart analysis of Cardano ADA and then evaluated this crypto coin’s five top-notch principles of technical analysis. These five core principles are:
- Support and Resistance
As per our analysis, the coin failed to bullish trends and breakout from creating a Descending Triangle. Therefore, the investors or traders who transfer their interest from one digital coin to another can immediately buy on pullbacks to $2 support after seeing the upside potential for over $2.50. On the other hand, the typical traders, particularly the Trend traders, can wait for a break to reach over 2.50 USD.
After the analysis, we can easily claim that the graph shows a Downtrend on a Medium-Term basis and Neutral on a Short- and Long-Term basis.
In the graph/table, probably the momentum is being mixed as a MACD line. Moreover, it is above that line that shows the bullish trend. In this case, the MACD bars are declining, which indicates that the momentum of this crypto is weakening.
The Line of OBV (On-Balance Volume) is flat but not curved, suggesting that volume on Up days is equal to volume on Down days. Thus, it is evident that demand from buyers and supply from sellers are in the equilibrium state.
Support and Resistance
According to the charts, the closest Support Zone for this coin is almost $2.00, then $1.50. However, as per our analysis, the nearest Resistance Zone for this digital asset is $2.50, then $3.00.